Nomura’s Laser Digital Logs ¥10.6B ($68M) Crypto Loss After October Volatility
Nomura Holdings disclosed a ¥10.6 billion (about $68 million) loss in its wholesale division tied to its crypto unit, Laser Digital. CFO Hiroyuki Moriuchi said the losses resulted from digital-asset market movements in October and November that punished sizable long positions held by the unit. Laser Digital — launched two years ago and active in market making, fund management and venture investing — was profitable in Q2 but suffered a Q3 write-down after the rapid ‘10/10’ market crash. Nomura says its long-term commitment to digital assets is unchanged but it will reduce position sizes and tighten risk controls to limit short-term earnings volatility. The disclosure was made during a Q&A where analysts questioned how a previously profitable unit swung to a steep loss. Key figures: ¥10.6 billion loss (~$68M); timing: October–November volatility; unit: Laser Digital; measures: de-risking, tighter position/risk controls. Primary keywords: Nomura, Laser Digital, crypto loss. Secondary/semantic keywords: market volatility, long positions, risk controls, institutional crypto exposure.
Bearish
A major institutional loss tied to sizeable long positions signals increased risk aversion among traditional financial firms exposed to crypto. The ¥10.6B write-down reinforces that sudden volatility (the ‘10/10’ crash) can quickly erase profits even for professionally managed units. Short-term impact: likely negative — traders may see increased deleveraging and reduced liquidity from institutional market makers, higher funding costs, and downward pressure on risk assets as firms tighten positions. Comparable past events include losses and pullbacks by institutional desks during severe crypto drawdowns (e.g., 2022 liquidity crisis and 2018 bear corrections), which led to wider spreads and reduced market depth. Long-term impact: neutral-to-bearish — while firms often reiterate long-term commitment, repeated large losses can slow institutional capital inflows, lead to stricter internal risk limits, and reduce prop trading activity in crypto. For traders: expect higher volatility, potential thinning of liquidity around stress events, and continuation of cautious institutional posture until track records show stable risk controls. Monitor funding rates, exchange order book depth, and institutional flow disclosures for early signs of shifting liquidity.